Chicago considers eminent domain to seize underwater mortgages

San Francisco startup Mortgage Resolution Partners has created a ruckus with its plan to help cities and counties use eminent domain to seize selected underwater loans out. Hesperia considered.

“This may be an aggressive idea, but communities such as San Bernardino, Chicago and. especially investors in mortgage-backed securities and the real estate business. Traditionally, eminent domain.

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So far, the California county of San Bernardino has considered eminent domain and killed it. Other areas were it has been at least considered include Brockton, Mass., which has already rejected it;.

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The proposal from a member of San Francisco’s Board of Supervisors would use eminent domain to take over loans on property with a market value below the mortgage amount. as well as in Chicago and.

Using eminent domain to seize underwater. to market value.” Chicago and San Bernadino, Calif., explored the tactic and decided not to adopt it. But the city of Richmond, Calif., is expected to.

The program illegally reaches out beyond Richmond’s geographic borders to seize mortgage loans located outside of Richmond, in violation of the due process requirements of the U.S. Constitution, the California Constitution and California eminent domain law.

Richmond has adopted a plan to use eminent domain to seize underwater mortgages, but has yet to actually use the power. The city’s hesitation may be attributable to a forewarning of future litigation as a law suit that was preemptively filed by Bank of New York Mellon and Wilmington Trust Co. was dismissed by the court in September as premature.

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A number of cities in New Jersey, including Irvington and Newark, are considering using the power of eminent domain to aid homeowners whose mortgages are underwater.A mortgage is underwater when its unpaid balance is greater than the property’s market value. The underlying mortgages, however, are not necessarily in default.

 · The ostensibly simple idea, proposed by the California firm Mortgage Resolution Partners, would have the county purchase so-called underwater loans at.